Mississippi Real Estate Appraiser Licensing and Certification Board. Mississippi Real Estate Appraiser Licensing and Certification Act of 1990

Transcription

1 Mississippi Real Estate Appraiser Licensing and Certification Board Mississippi Real Estate Appraiser Licensing and Certification Act of 1990 Title 30: Professions and Occupations Part 1501: Mississippi Real Estate Appraiser Licensing and Certification Board Part 1501 Chapter 1: Educational Requirements for Appraiser Intern, Licensed Real Estate Appraiser, Certified Residential Real Estate Appraiser, and Certified General Real Estate Appraiser. Rule 1.1 Educational Requirements for Appraiser Intern, Licensed Real Estate Appraiser, Certified Residential Real Estate Appraiser, and Certified General Real Estate Appraiser. Each applicant for an Appraiser Intern Permit shall have completed the required number of classroom hours of courses in subjects related to real estate appraisal as set forth in Chapter 11. Each applicant for a license as a licensed real estate appraiser, a licensed certified residential real estate appraiser or a licensed certified general real estate appraiser shall have successfully completed the required number of classroom hours of appraisal courses in subjects as set forth in Chapter Class hours will be credited only for educational offerings with content that follows and complies with the required core curriculum specified in Chapter 3 & Chapter 11 for each respective licensing credential. Course content requirements may be general or specific to the property types. 2. Class hours may be obtained only where the minimum length of the Qualifying Education offering is at least 15 hours and the individual successfully completes an approved closed-book examination pertinent to that educational offering. 3. Where the Qualifying Education course includes multiple topics identified within the Appraisal Qualification Board (AQB) Required Core Curriculum, there must be appropriate testing for each component. Courses taken to satisfy the Qualifying Education requirements must not be repetitive. The Uniform Standards of Professional Appraisal Practice (USPAP) courses which are completed in different years are not considered repetitive. Courses should be designed to foster problemsolving skills in the education process by utilizing case studies as a major teaching method when applicable. 4. Applicants must complete the 15-Hour National USPAP Course, or its equivalent, and pass the examination. At least one of the course instructors must be an AQB Certified 1

2 USPAP Instructor who is also an active State Certified Appraiser. Equivalency shall be determined through the AQB Course Approval Program (CAP) or by an alternate method established by the AQB. USPAP education presented in a distance education format must be designed to foster appropriate student-to-student, student to instructor and student to material interaction. 5. Distance education courses: (a) Any education process based on the geographical separation of student and instructor. (b) Course(s) must provide interaction where the student has verbal or written communication with the instructor. (c) Content approval is to be obtained from the AQB, a state licensing jurisdiction, or an accredited college, community college, or University that offers distance education programs and is approved or accredited by the Commission on Colleges, a regional or national accreditation association, or by an accrediting agency that is recognized by the U. S. Secretary of Education. Non-academic credit from college or community college courses shall be approved by the AQB or the state licensing jurisdiction. (d) Course delivery mechanism approval is to be obtained from one of the following sources: i. AQB approved organizations providing approval of course design and delivery; or ii. A college that qualifies for content approval in paragraph (c) above that awards academic credit for the distance education course; or iii. A qualifying college for content approval with a distance education delivery program that approves the course design and delivery that incorporate interactivity. 6. A class hour is defined as 60-minutes, of which at least 50 minutes are instruction attended by the student. The prescribed number of class hours includes time for examinations. 7. Experience may not be substituted for education. 8. Credit for the class hour requirements may be obtained only from the following providers after approval by the MAB: (a) Colleges or universities (b) Community or junior colleges 2

3 (c) Real estate appraisal or real estate related organizations (d) State or federal agencies or commissions\ (e) Proprietary schools (f) The Appraisal Foundation or its boards (g) Providers approved by state certification/licensing agencies Source: Miss. Code Ann (1)(i), (2)(f), Part 1501 Chapter 2: Experience Requirements for License, Certified Residential and Certified General Applicants. Rule 2.1 Experience Hours for License. Certified Residential, and Certified General. 1. Each applicant for a license as a licensed real estate appraiser shall have obtained at least two thousand (2000) hours of appraisal experience gained over a period of not less than twelve (12) months under the direct supervision of a Mississippi state certified supervisory appraiser and all required experience must be completed prior to applying for the licensed appraiser credential. Each applicant for a license as a certified residential real estate appraiser shall have obtained at least twenty five hundred (2500) hours of appraisal experience acquired over a minimum of twenty-four (24) months. Each applicant for a license as a certified general real estate appraiser shall have obtained at least three thousand (3000) hours of appraisal experience acquired over a minimum of thirty (30) months. (a) An applicant for a license as a licensed real estate appraiser shall have obtained at least two thousand (2000) hours of appraisal experience under the direct supervision of a certified residential real estate appraiser or a certified general real estate appraiser. (b) An applicant for a license as a certified residential real estate appraiser shall have obtained at least one thousand two hundred and fifty of the required hours in the residential category and no more than one thousand six hundred (1600) hours may be credited during a twelve month period. (c) An applicant for a license as a certified general real estate appraiser shall have obtained at least one thousand five hundred (1500) of the required hours in the general appraisal category and no more than one thousand nine hundred (1900) hours may be credited during any twelve month period. (d) Acceptable appraisal experience includes the following: Fee and staff appraisal, review appraisal, appraisal analysis, feasibility analysis, and real estate consulting. No more than fifty (50%) of acceptable appraisal experience may be in the form of non- 3

4 standard 3 desk reviews. (e) The verification for experience credit claimed by an applicant shall be via a log sheet and affidavits on forms prescribed by the Board. Following the applicant s submission of the appraisal log, the Board will request a minimum of two (2) sample appraisals from among those reports listed by the applicant for experience credit. In addition, the applicant must agree to furnish other appraisal reports if deemed necessary by the Board. The sample appraisal reports must be USPAP compliant and must include at least one complex appraisal from the category being applied for. (f) The appraiser is required to document the actual number of hours worked in the performance of each appraisal assignment and must report/record those hours on their Appraisal Board Experience Log. The appraisal Board considers the experience credit work-hours allowed in Paragraphs 1 and 2 below to be the maximum number of acceptable hours per appraisal classification. The appraiser may request additional hours for an appraisal by submitting the proper supporting documentation to the Appraisal Board. This supporting documentation should be in the form or a Daily Log which is attached to the Appraisal Board Experience Log. All logs must have the Appraisal Board Appraiser s Affidavit attached to the log. All work-hours submitted are subject to Appraisal Board approval. After being issued the Licensed Appraiser Credential as required by Mississippi Code Section the experience required for the certified general and certified residential categories shall be obtained as follows: Source: Miss. Code Ann , (1)(i), (2)(f), Rule 2.2 Certified General Real Estate Appraiser Experience Hours for Licensing. 1. An applicant for a general real estate appraiser certification must provide evidence satisfactory to the Board that the applicant has completed 3000 hours of appraisal experience obtained over a minimum of thirty (30) months. Experience credits (workhours) for general real estate appraiser certification shall be awarded as follows: (a) a complex, non-residential appraisal shall be limited to no more than 66 hours of credit: (b) a complex, non-residential field review shall be limited to no more than 16 hours of credit; (c) a complex, non-residential desk review shall be limited to no more than 8 hours of credit; (d) a non-complex, non-residential appraisal shall be limited to no more than 16 hours of credit; 4

5 (e) a non-complex, non-residential field review shall be limited to no more than 8 hours of credit; (f) a non-complex, non-residential desk review shall be limited to no more than 4 hours of credit. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.3 Residential Real Estate Appraiser Experience Hours for Licensing. An applicant for a residential real estate appraiser certification must provide satisfactory evidence to the Board that the applicant has completed 2500 hours of appraisal experience (equivalent to 2500 hours of appraisal work) obtained continuously over a minimum of twenty four (24) months. Experience credits for residential real estate appraiser certification shall be awarded as follows: 1. Credits (hours) referred to as residential experience shall be derived from appraisals of one-to-four family residential properties. 2. a complex, residential field review shall be limited to no more than 24 hours of credit; 3. a complex, residential field review shall be limited to no more than 8 hours of credit; 4. a complex, residential desk review shall be limited to no more than 4 hours of credit; 5. a non-complex, residential appraisal shall be limited to no more than 12 hours of credit; 6. a non-complex, residential field review shall be limited to no more than 4 hours of credit; 7. a non-complex, residential desk review shall be limited to no more than 2 hours of credit. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.4 Licensed Appraiser Experience Hours for Licensing. An applicant for licensed real estate appraiser must provide evidence satisfactory to the Board that the applicant has completed two thousand (2000) hours of appraisal experience obtained over a minimum of no less than twelve (12) months. Experience hours for the licensed real estate category shall be determined by the Board from the experience log of appraisals signed by the applicant and the supervisory appraiser and the Appraiser Intern s hours. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.5 Appraiser Intern Experience Hours. 5

6 Appraiser Intern experience hours cannot be included as appraisal experience for a Certified license. Experience to be compliant with MS Code for license or either category of certification must have been obtained preceding the filing of the application. Source: Miss. Code Ann , (1)(i), (2)(f), Rule 2.6 Definition of a Non-Complex Appraisal. A non-complex appraisal is one having the following characteristics; 1. there is an active market of essentially identical properties; 2. adequate data is a available to the appraiser 3. adjustments to comparable sales are not large in the aggregate, specifically not exceeding the trading range found in the market of essentially identical properties; and 4. For residential property, the contract price falls within the market norm (Medial sales price) of homes in the neighborhood. Examples of a non-complex residential appraisal (12 hours) are those similar to Fannie Mae form 1004/Freddie Mac form 70, not including the income approach; (8hours) Fannie Mae forms 2055 and 2075;(4 hours) vacant land or site appraisals using only the sales comparison approach or a narrative report. In all cases compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is required. Examples: non-complex non-residential appraisal (16 hours) would not include all three (3) of the approaches to value when all three (3) approaches would be applicable for the classification of the property appraised or market data was available for all three (3) approaches. All hours for appraisals are subject to final determination and approval by the Appraisal Board. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.7 Definition of a Complex Appraisal. A complex appraisal is one that relies to any significant degree on all three approaches to value (cost, sales comparison and income approaches) or is an appraisal that has at least one of the following characteristics: 1. There is not an active market of properties similar to the property being appraised. 2. There is not adequate data available to the appraiser. 3. Adjustments to comparable sales are large and the aggregate adjustments exceed the trading range of sales identified 6

7 4. For residential property, the contract price does not fall within the market norm of houses in the market area. No appraisal experience credit will be allowed for a complex appraisal unless all three (3) approaches to value are fully developed in the report. Examples: a complex non-residential appraisal (66 hours) may contain any of the following: income capitalization approach; income expense analysis; building land residual technique; leased fee lease hold interest; absorption rate; discounting to present value; highest and best use is not the current use; itemized accrued depreciation; unit-in-place method or quantity survey method in the cost approach; site or vacant land using the allocation method, abstraction method, subdivision development method, or land residual method; appraisal requires the appraiser s use of data obtained from a professional who is not an appraiser; a use of property that has no comparable sales with the same use; a property covered by the Environmental Protection Agency; a conservation easement; an appraisal that requires the before and after values. Other valuations may qualify as determined by the Appraisal Board. Examples: complex residential (24 hours) 1 4 unit appraisals similar to Fannie Mae form 1004/Freddie Mac form 70 that includes the GRM income approach; Fannie Mae form 1025/Freddie Mac form 72; Fannie Mae form 1072/Freddie Mac form 465; Fannie Mae form 1075/Freddie Mac form 466; or a narrative report. In all cases compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is required. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.8 Accepting Responsibility for an Appraisal Report. Each signer (coauthor) of an appraisal report accepting responsibility for the report shall be awarded full credit for the appraisal. Each appraisal having four or more signers accepting responsibility for the report shall be awarded credit for an appraisal based on the appropriate hours documented divided by the number of signers. Not to exceed three (3) signees. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.9 Appraisals are to Verification by the Board. All appraisals submitted or claimed for experience credit are subject of verification and authentication by the Board. Applicants may not claim experience credit for appraisals which are not supported by written reports or file memoranda or which were performed by the applicant at a time when the applicant lacked legal authority to perform real estate appraisals. Upon request, the applicant shall furnish the Board copies of two (2) specifically identified appraisal reports, file memoranda, or other data supporting the experience credit sought by the applicant. In addition, experience credit will only be accepted upon sworn affidavit by the applicant that all information contained in the application including the compilation of hours documented are true and correct. Source: Miss. Code Ann (1)(i), (2)(f),

8 Rule 2.10 Appraisal Experience for State, County, or Municipal Public Officers. State, county or municipal public officers, or their salaried employees while performing their duties as mass appraisers, may satisfy the appraisal experience requirement under this rule by submitting an affidavit from the supervising tax assessor or other appropriate official, and as follows: 1. For the licensed appraiser by affidavit and documentation as prescribed by the Board, certifying that the applicant has obtained: two thousand (2000) hours of appraisal experience over a minimum of twelve (12) months while holding an Appraiser Intern Permit 2. For the certified residential real estate appraisal certification, by proper documentation as prescribed by the Board which indicates that the applicant holds or has held a license as a state licensed real estate appraiser or a state certified general real estate appraiser and has obtained twenty-five hundred (2500) hours, of credible appraisal work experience over a minimum of twenty-four (24) months. Not more than one- half (1/2) of the credit for appraisal experience may be satisfied by proper documentation on a log sheet as prescribed by the Board of having performed in a supervisory capacity of the value estimating process for mass appraisal work. Experience for the residential certification beyond the real property mass appraisal experience accepted under the provisions of this rule shall consist of residential category properties and shall be in compliance with the guidelines established in Rule 2(e) and 2(f) and shall have been obtained over a period of not less than nine (9) months. 3. For the certified general real estate certification, by proper documentation as prescribed by the Board which indicates that the applicant holds or has held a license as a state licensed real estate appraiser or a state certified residential real estate appraiser and has obtained three thousand (3000) hours of credible appraisal work-experience over a minimum of thirty (30) months. Not more than one-half (1/2) of the experience credit may be satisfied by proper documentation on a log sheet as prescribed by the Board of having performed in a supervisory capacity of the value estimating process for mass appraisal work. Experience for the general certification beyond the real property mass appraisal experience accepted under the provisions of this rule shall consist of nonresidential category properties and shall be in compliance with the guidelines set forth in Rule 2(e) and 2(f)(1) and shall have been obtained over a period of not less than twelve (12) months. 4. The affidavit must set forth the applicant's job description, duties and /or role in the value estimating process if not included in the job description and duties. 5. The affiant must be aware and understand that experience credit shall only be awarded to applicants who demonstrate they use techniques to value properties similar to those used by appraisers; they effectively use the appraisal process and the only components of the mass appraisal process that shall be given credit are highest and best use analysis, model specification (developing the model) and model calibration (developing adjustments to the model). Other components, by themselves, shall not be eligible for experience credit. 8

9 6. Experience claimed for mass appraisal work must be consistent with existing guidelines of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council and must be compliant with Mass Appraisal Development and Reporting guidelines as set forth in Standard 6 of USPAP. Source: Miss. Code Ann (1)(i), (2)(f), Part 1501 Chapter 3: Requirements for Licensing and Certification; Examinations; Fees. Rule 3.1 Requirements Necessary to Qualify as a License Real Estate Appraiser: 1. Education - Successful completion of not less than one hundred fifty (150) creditable class hours as specified in the required Core Curriculum as published by the Appraisal Qualifications Board of the Appraisal Foundation. The applicant shall have completed the approved 15-hour National Uniform Standards of Professional Appraisal Practice (USPAP) Course and the accompanying examination. There is no alternative to the successful completion of the USPAP examination. 2. Experience - Two thousand (2000) hours of appraisal work-experience gained over a period of not less than twelve (12) months is required. Acceptable appraisal workexperience includes, but is not limited to, the following: (a) For a Mississippi Appraiser Intern experience shall have been gained under the direct supervision of a Mississippi State Certified Appraiser. The verification of the experience credit claimed by an applicant shall be via affidavit from the supervising appraiser and shall be on forms prescribed by the Board. In addition, a log listing the appraisal task performed by the Appraiser Intern must be signed by the Appraiser Intern and the Supervisory Appraiser to be submitted for approval with the application for Licensed Appraiser. The Supervisory appraiser must state in the appraisal I affirm that (Appraiser Intern s name and permit number) performed (number) hours of appraisal tasks for this appraisal for the Appraiser Intern to list the appraisal on the appraisal experience log. The log must describe the appraisal tasks performed, identify the specific appraisal report for which the tasks were performed, the date the tasks was performed and must state the number of appraisal task hours completed for each appraisal. The appraisals must be available should the Board desire to review any or all of them for the purpose of verifying the appraisal tasks hour claimed by the Appraiser Intern. Ms Appraiser Intern appraisal tasks hours cannot be included as Appraisal experience hours for a certified license. (b) For those individuals other than Mississippi Appraiser Interns, a listing of legally performed appraisals which are signed by the applicant, or of tasks performed by the applicant if not allowed to sign reports, must be submitted along with the application as proof of experience. The listing of tasks must 9

10 describe the task performed, identify the specific appraisal report for which the task was performed, indicate the date the task was performed and must state the number of hours claimed. The appraisals must be available should the Board desire to review them for the purpose of verifying workexperience. 3. Examination - All applicants pass the Appraisal Qualification Board endorsed Uniform State Licensed Real Property Appraiser Examination or its equivalent. In addition, all applicants must pass the portion of the examination relating to the Mississippi Real Estate Appraiser Licensing and Certification Act and the Rules and Regulations of the Mississippi Appraisal Board. Examinations will include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). Any person who fails to pass either portion of the Licensed Real Estate Appraiser examination upon two (2) occasions, shall be ineligible for a similar examination until after the expiration of six (6) months from the time such person last took the examination, and then only upon making application as in the first instance and meeting all requirements for application in effect at the time of re-applying. 4. Appraisers holding a valid Appraiser Intern credential may satisfy the educational requirements for the Licensed Appraiser credential by completing the following additional educational hours: Residential Market Analysis and Highest and Best Use Residential Appraiser Site Valuation and Cost Approach Residential Sales Comparison and Income Approaches Residential Report Writing and Case Studies TOTAL 15 Hours 15 Hours 30 Hours 15 Hours 75 Hours Source: Miss. Code Ann (1)(a)(b)(c), (1)(i), (2)(f)(g)(j), , Rule 3.2 Requirements to Qualify as a State Certified Real Estate Appraiser: 1. Education Successful completion of not less than 200 classroom hours of required real estate appraisal courses, which shall include fifteen (15) classroom hours of USPAP. All applicants must hold an Associate degree, or higher, from an accredited college, junior college, community college, or university. However, in lieu of the Associate degree, an applicant shall successfully pass all of the following collegiate subject matter courses(totaling 21 semester hours) from an accredited college, junior college, community college, or university: English Composition; Principles of Economics (Micro or Macro); Finance; Algebra, Geometry, or higher mathematics; Statistics; Computer Science/Computer Programs; and 10

11 Business or Real Estate Law. If an accredited college or university (accredited by the Commission on Colleges, a regional or national accreditation association or by an accrediting agency that is recognized by the U.S. secretary of Education) accepts the College-Level Examination Program (CLEP) examination(s) and issues a transcript for the exam, showing its approval, it shall be considered as credit for the college course(s) In addition to the above, the prerequisite for taking the Certified Residential Appraiser examination is the successful completion of two hundred (200) creditable class hours of course works as listed below: Basic Appraisal Principles - 30 hours Basic Appraisal Procedures 30 hours The 15-Hour National USPAP Course or its Equivalent 15 hours Residential Market Analysis and Highest and Best Use 15 hours Residential Appraiser Site Valuation and Cost Approach 15 hours Residential Sales Comparison and Income Approaches 30 hours Residential Report Writing and Case Studies 15 hours Statistics, Modeling and Finance - 15 hours Advanced Residential Applications and Case Studies 15 hours Appraisal Subject Matter Electives 20 hours (May include hours over minimum shown above in other modules) 2. Appraisers holding a valid Licensed Appraiser credential may satisfy the educational requirements for the Certified Residential Appraiser credential by completing the following additional educational hours: Statistics, Modeling and Finance Advanced Residential Applications/Case Studies Appraisal Subject Matter Electives TOTAL 15 Hours 15 Hours 20 Hours 50 Hours Licensed Appraisers wishing to change to the Certified Residential classification must also satisfy the college-level education requirements as specified in 1.a. *Note: The MAB requires all individuals who apply for the Certified Residential License to have completed the 15-hour National USPAP course within sixty (60) months of making their application. 3. Experience All applicants must submit proof of having at least two thousand five hundred (2500) hours of appraisal experience obtained during no fewer than twenty-four (24) months, of which, twelve hundred and fifty (1250) hours must be in residential appraisal work. Experience is calculated based on experience work hours as set forth in Rule 2 of the Mississippi Appraisal Board. Applicants must list identifying terminology for each appraisal which is being used to develop the total number of hours being claimed. These appraisals must be made available to the Board should they desire to 11

12 review them in order to verify the experience being claimed by an applicant. Copies of two appraisal reports, to be chosen by the Board from the experience log that is submitted with the application, must be submitted for review prior to being allowed to sit for the examination. If necessary to verify compliance with the experience requirement, other reports may be requested for review by the Board. *Note: The Ethics Rule, Confidentiality section of USPAP, allows the submission of appraisal reports for review by a state license regulatory agency without obtaining permission from the client to release confidential information. 4. Examination All applicants must pass or higher on the Appraiser Qualification Board endorsed Uniform State Certified Residential Real Property Appraiser Examination or its equivalent. In addition, all applicants must pass or higher on the portion of the examination concerning the Mississippi Real Estate Appraiser Licensing and Certification Act and the Rules and Regulations of the Mississippi Appraisal Board. Examinations will include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). Any person who fails to pass either portion of the examination upon two (2) occasions shall be ineligible for a similar examination until after the expiration of six (6) months from the time such person last took the examination, and then only upon making application as in the first instance and meeting all requirements for application in effect at the time of re-applying. Source: Miss. Code Ann (1)(a)(b)(c), (1)(i), (2)(f)(g)(j), , Rule 3.3 Requirements to Qualify as a State Certified General Real Estate Appraiser. 1. Education - All applicants must hold a Bachelors degree or higher from an accredited college or university. However, in lieu of the Bachelors degree an applicant for the Certified General Credential shall successful pass the following collegiate level subject matter courses (totaling 30 semester hours) from an accredited college, junior college, community college or university: English Composition Micro Economics Macro Economics Finance Algebra, Geometry, or higher mathematics Statistics Computer Science/Computer Programs Business or Real Estate Law; and Two elective courses in Accounting, Geography, Ageconomics, Business Management, or Real Estate If an accredited college or university (accredited by the Commission on Colleges, a regional or national accreditation association or by an accrediting agency that is recognized by the U. S. Secretary of Education) accepts the College-Level Examination Program (CLEP) examination(s) 12

13 and issues a transcript for the exam, showing its approval, it shall be considered as credit for the college course(s). In addition to the above, the prerequisite for taking the Certified General Appraiser examination is the successful completion of three hundred (300) creditable class hours of course works as listed below: Basic Appraisal Principles - 30 hours Basic Appraisal Procedures - 30 hours The 15- Hour National USPAP Course or its Equivalent - 15 hours General Appraiser Market Analysis & Highest & Best Use - 30 hours Statistics, Modeling and Finance - 15 hours General Appraiser Sales Comparison Approach - 30 hours General Appraiser Site Valuation & Cost Approach 30 hours General Appraiser Income Approach 60 hours General Appraiser Report Writing and Case Studies 30 hours Appraisal Subject Matter Electives 30 hours (May include hours over minimum shown above in other modules) 2. Appraisers holding a valid Licensed Appraiser credential may satisfy the educational requirements for the Certified General Appraiser credential by completing the following additional educational hours: General Appraiser Market Analysis & Highest Best Use Statistics, Modeling and Finance General Appraiser Sales Comparison Approach General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach General Appraiser Report Writing & Case Studies Appraisal Subject Matter Electives TOTAL 15 Hours 15 Hours 15 Hours 15 Hours 45 Hours 15 Hours 30 Hours 150 Hours Licensed Appraisers wishing to change to the Certified General classification must also satisfy the college-level education requirements as specified in 2.a. 3. Appraisers holding a valid Certified Residential Appraiser credential may satisfy the educational requirements for the Certified General Appraiser credential by completing the following additional educational hours: General Appraiser Market Analysis & Highest Best Use General Appraiser Sales Comparison Approach General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach General Appraiser Report Writing & Case Studies TOTAL 15 Hours 15 Hours 15 Hours 45 Hours 10 Hours 100 Hours 13

14 Certified Residential Appraisers wishing to change to the Certified General classification must also satisfy the college-level education requirements as specified in 2.a. **Note: The MAB requires all individuals who apply for the Certified General License to have completed the 15-hour National USPAP course within sixty (60) months of making their application. 4. Experience All applicants must submit proof of having at least three thousand (3000) hours of appraisal experience obtained during no fewer than thirty (30) months, of which, one thousand five hundred (1500) hours must be in non-residential appraisal work. Experience is calculated through work experience hours that are established in Rule 2 of the Mississippi Appraisal Board. Applicants must list identifying terminology for each appraisal which is used to develop the total number of hours being claimed. These appraisals must be available to the Board should they desire to review them in order to verify the experience being claimed by applicant. Copies of two appraisal reports, to be chosen by the Board from the experience log that is submitted with application, must be submitted for review prior to being allowed to sit for the examination. In addition, other reports may be requested for review if required by the Board. *Note: The Ethics Rule, Confidentiality Section of USPAP, allows the submission of appraisal reports for review to a state license regulatory agency without obtaining permission from the client to release confidential information. 5. Examination All applicants must pass the Appraiser Qualification Board endorsed Uniform State Certified General Real Property Appraiser Examination or its equivalent. In addition, all applicants must pass the portion of the examination concerning the Mississippi Real Estate Appraiser Licensing and Certification Act and the Rules and Regulations of the Mississippi Appraisal Board. Examinations will include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). Any person who fails to pass either portion of the examination upon two (2) occasions shall be ineligible for a similar examination until after the expiration of six (6) months from the time such person last took the examination, and then only upon making application as in the first instance and meeting all requirements for application in effect at the time of reapplying. (a) Preparing for the exam - An applicant must set an exam date within sixty (60) days of their application being approved. The examination will consist of 100 multiple choice questions from a question bank and an additional 35 questions from the Mississippi Real Estate Appraiser Licensing and Certification Act and its Rules and Regulations. Applicants will be given 4½ hours to complete the examination and may use a silent calculator. An applicant has 2 opportunities to pass the examination. If 2 failures result, the applicant may re-apply but will not be allowed to take a similar exam for a period of six months. Examinations are given as established by the Board. The Board will notify the applicant of available exam dates and times after the application has been approved. 14

15 (b) Fees: i. Application/Examination $ ii. Application for Appraiser Intern $ iii. Application pursuant Rule 9 $ (Licensees of Other State) iv. Applications pursuant Rule 6 $ (Temporary Privilege) v. License (valid for 2 years) Licensed Appraiser $ Certified Residential $ Certified General $ vi. The fees for license issued pursuant to Mississippi Real Estate Appraisal. 6. Licensing after examination - After passing the examination, an applicant must pay within one hundred eighty (180) days from the examination date the necessary fees for his/her license to be issued. If the appropriate fees are not paid within the stated time period, or unless extenuating circumstances for such failure are brought to the attention of the Board and a hearing before the Board is requested, his/her $ application/exam fee will be forfeited and the applicant will be required to start the application process over by filing a new application with payment of another $ application/exam fee. If any application requirement changes after the applicant has passed the examination and prior to the time his/her original license has been issued, the applicant will be required to meet the new requirements prior to the issuing of his/her license. Source: Miss. Code Ann (1)(a)(b)(c), (1)(i), (2)(f)(g)(j), , Part 1501 Chapter 4: Board Organization Rule 4.1 Board Organization. The Mississippi Real Estate Appraiser Licensing and Certification Board shall elect a chairman and a vice-chairman who will serve in the absence of the chairman or at the discretion of the chairman. The election of officers shall be held annually in December. In the event of a vacancy in either position, the Board shall set a date, after adequate notice to all members to all members to elect a replacement. Special meetings may be called by the chairman on his own motion or by written request of three (3) members. Board meeting procedures will follow Robert's Rules of Order as pertains to boards or groups of limited membership as constitutes this Board. Information concerning Board action, meeting dates, licensing and certification and other Board 15

16 responsibilities under Chapter 34, Mississippi Real Estate Appraiser Licensing and Certification Act, may be obtained from the Board office and staff. Applications, complaint forms and other printed material may also be requested through written or telephonic contact with the Board staff. Source: Miss. Code Ann Part 1501 Chapter 5: Continuing Education. Rule 5.1 Continuing Education. As a prerequisite to renewal of license, an active status licensed/certified appraiser whose license was issued or renewed prior to January 1, 1998 shall present evidence satisfactory to the Board that such appraiser has obtained twenty (20) hours of Board approved continuing education during the preceding license cycle. In order to renew a license which was issued or renewed January 1, 1998 or thereafter, an appraiser shall present evidence satisfactory to the Board of having obtained twenty eight (28) hours of Board approved continuing education which shall include at least seven (7) hours in USPAP coverage. Source: Miss. Code Ann (1)(i), Rule 5.2 Approved Courses. 1. Any course, which meets the educational requirements for licensing as set forth in Section of the Mississippi Code of 1972, Annotated and the Rules and Regulations of the Mississippi Real Estate Appraiser Licensing and Certification Act, is deemed to be an approved continuing education course. 2. Any course sponsored or provided by the Board which the Board may deem to be an approved continuing education course. 3. Any course which has been individually approved by the Board pursuant to the provisions of this Rule. Any course in this category must be approved prior to its presentation. 4. Any course which has been approved for real estate appraiser continuing education by any state or country wherein their appraiser licensing and certification program has been approved by the Appraisal Subcommittee and which course satisfies the requirements established in 2-C (1), (2), (3) and (5) of this Rule with the exception of instruction in license law which pertains solely to a state other than Mississippi, may be utilized to meet the requirements for continuing education upon approval of the individual course by the Board. Source: Miss. Code Ann (1)(i), Rule 5.3 Procedures and criteria for approval of courses. 16

17 1. Definitions: Provider - any person, partnership association, corporation, educational organization, or other entity which sponsors, offers, organized provides or promotes real estate appraiser continuing education courses. Instructor - a person who delivers educational material information directly to students. 2. A provider desiring approval of a continuing education course as referred to in Section , Mississippi Code of 1972, Annotated, shall make application to the Board. The provider, course, and instructor must receive concurrent approval. Courses described under 1-B and 1-C of this Rule must receive approval prior to the course being given, except that, in the Board's discretion, courses which have not received such prior approval but which meet the proper criteria may be approved for credit for appraisers who have completed such courses. Source: Miss. Code Ann (1)(i), Rule 5.4 Standards for approval of courses. 1. A proposed continuing education course shall be an educational process or program, which related to real property appraisal theory, practices or techniques. Credit may be granted for educational offerings designed to maintain and increase the appraiser's skill, knowledge and competency in real estate appraising and cover real estate related appraisal topics such as those listed below: (a) Ad Valorem Taxation (b) Arbitration (c) Business courses related to practice of real estate appraisal (d) Construction estimating (e) Ethics and standards of professional practice (f) Land use planning, zoning and taxation (g) Management, leasing, brokerage, time sharing (h) Property development (i) Real estate appraisal (valuations/evaluations) (j) Real estate law (k) Real estate litigation (l) Real estate financing and investment 17

18 (m) Real estate appraisal related computer applications (n) Real estate securities and syndication (o) Real property exchange 2. Courses shall be taught only by approved qualified instructors. 3. Courses shall be offered in minimum two-hour segments. 4. The approval shall be for no more than a two-year period from the date of the initial approval. Provider shall be required to refile for extension of approval date with renewal being for a two-period. However, a course, instructor and provider may be approved on a one-time basis where the course will be offered on such basis. 5. Provider shall issue certificates of attendance only to those licensees who shall physically attend the approved course. Source: Miss. Code Ann (1)(i), Rule 5.5 Educational Credit. Credit may also be granted for participation, other than as a student, in appraisal educational processes and programs. Examples of activities for which credit may be granted are teaching program development, authorship of textbooks, or similar activities which are determined to be equivalent to obtaining continuing education. Source: Miss. Code Ann (1)(i), Rule 5.6 Qualifications of Instructors. The education and/or experience of the instructor must be appropriate to teach the subject matter of approved course. Source: Miss. Code Ann (1)(i), Rule 5.7 Administrative Requirements. 1. Providers of continuing education courses shall furnish the Board with a class roster listing each attendee in alphabetical order within thirty (30) days after completion of each course. 2. Providers will utilize a three-part certificate or its equivalent form the purpose of certifying individual attendance. One designated part shall be returned completed to the Board, one part shall be given to the attendee, and the remaining part shall be retained by the Provider. 18

19 3. Attendance and other records of each provider must be kept on file for a period of three years and be subject to inspection by the Board at any time during normal business hours. 4. Advertising Providers may advertise that a course meets a portion of the continuing education requirements; however, no advertisement shall be used which states or implies that the Mississippi Real Estate Appraiser Licensing and Certification Board has approved or passed on the merits of a course. 5. Suspension or Revocation or Approval Failure to comply with any provision of this rule shall constitute grounds for suspension or revocation of the approval of a course, a provider or an instructor, or other such action as deemed appropriate by the Board. Any member of the Board or its duly authorized representatives may audit any offering of an approved course at any time during course presentation to determine adequacy of course presentation and content. Failure to meet criteria for continuing education approval as established in the Board's policy shall constitute grounds for withdrawal of continuing education approval of a course. Source: Miss. Code Ann (1)(i), Part 1501 Chapter 6: Temporary Licensing/Certification Privileges. Rule 6.1 Application. A real estate appraiser from a state other than Mississippi who is licensed or certified by the appraiser licensing or certifying agency in such state may apply to receive temporary licensing or certification privileges in Mississippi by filing with the Mississippi Real Estate Licensing and Certification Board (Board) a notarized application on a form prescribed by the Board for such purpose which shall set forth and include the following: 1. Applicant's name, address, social security number and such other information as may be necessary to identify the applicant; 2. A written statement issued by the appraiser licensing or certifying agency in the applicant's resident state certifying that the applicant is duly licensed of certified in good standing in such state and setting forth any disciplinary actions known to or taken by the agency against such applicant; 3. The estimated amount of time required to perform the appraisal; 4. An irrevocable consent that service of process in any action against the applicant arising out of the applicant's appraisal activities in Mississippi may be made by delivery of the process on the Chief Executive Officer of the Board; and 5. Such other information as may be necessary to determine the applicant's eligibility for temporary appraiser licensing or certification privileges in Mississippi. 19

20 Source: Miss. Code Ann (1)(a), , Rule 6.2 Limitations and requirements for this privilege are as follows: 1. Each appraisal assignment will require a temporary permit and no more than two (2) permits will be granted in a twelve (12) month period. 2. Licensing and certification privileges shall expire six (6) months from the date of issuance or upon expiration of home state license/certification, whichever shall occur first. A sixty (60) day extension to the temporary licensing and certification privilege will be granted upon Board receipt of a written request detailing the reasons for the extension. The validity of the temporary permit shall end when the assignment is completed or at the end of the six (6) month period (including any extension period) whichever occurs first. 3. The fee for each temporary certificate shall be Seventy-five Dollars ($75.00) 4. Persons granted temporary licensing/certification privileges shall not advertise or otherwise hold themselves out as being licensed or certified by the State of Mississippi and must place their temporary privilege number adjacent to their signature on the appraisal report. Source: Miss. Code Ann (1)(a), , Rule 6.3 Complaints. The Board shall refer to the appraiser licensing or certifying agency in the registrant's resident state any verified complaint filed against the registrant alleging that the registrant has engaged in conduct violative of the Mississippi Real Estate Appraiser Licensing and Certification Act and its Rules and Regulations and in the performance of real estate appraisals in Mississippi. Source: Miss. Code Ann (1)(a), , Part 1501 Chapter 7: Roster of Licensed Appraisers; Annual Registry Fee. Rule 7.1 Annual Registry Fee. The appraisal Subcommittee requires from each state a roster of individuals who have been licensed or certified. The annual registry fee which must be collected from each licensee is $ This must be paid to the Board upon notification and within the deadline provided. ( ) (Federal Register, 6/6/91) Source: Miss. Code Ann , Part 1501 Chapter 8: General Categories. 20

21 Rule 8.1 Review Appraisals. 1. When a real estate appraisal is prepared by a real estate appraiser licensed pursuant to Section 17 of the Mississippi Real Estate Appraiser Licensing and Certification Act, the appraisal cannot become certified unless cosigned (coauthored) by a licensed certified residential real estate appraiser or licensed certified general real estate appraiser. A review appraisal prepared pursuant to Standard 3, Uniform Standards of Professional Appraisal Practice, or otherwise defined as a review appraisal will not be sufficient to categorize the appraisal as certified. 2. The appointed members, ex-officio member and staff of the board, who are state licensed or certified real estate appraisers, shall be exempt from the requirements of Standard 3 of the Uniform Standards of Professional Appraisal Practice (USPAP) when performing review assignments, in their official capacity, of matters relating to real estate appraisal standards, real estate appraiser qualifications, testing standards and disciplinary functions. Source: Miss. Code Ann (3) Rule 8.2 Written Appraisals. All appraisals prepared in connection with federally related transactions must be written appraisals. Source: Miss. Code Ann (3) Part 1501 Chapter 9: Licensing Procedure for Licensees of Other States. Rule 9.1 Licensing Procedure for Licensees of Other States. A real estate appraiser who is currently licensed or state certified by the appraiser licensing or certifying agency in a state other than Mississippi, Territory or District of Columbia may apply and be granted an appraiser license or certification by Mississippi that is equivalent to the license issued by the other state, territory or District of Columbia without being required to demonstrate additional education, experience or examination (with the exception, at the discretion of the Mississippi Real Estate Appraiser Licensing and certification Board <Board>, of Mississippi Appraiser License Law test questions) provided the individual has satisfied the conditions set forth below, he/she is approved by the Board and the other state's education, experience and examination requirements for licensing and certification comply at a minimum with the qualifications guidelines promulgated by the Appraisal Subcommittee of the Federal Financial Institutions Examination council and Appraiser Qualifications Board/Appraisal Standards Board of the Appraisal Foundation. 1. Provide a Completed Application: 2. Pay all required fees; 21